5 Business Lessons From Mega-Entrepreneur Theo Paphitis
“Learn as much as you can from those who know more than you do, who do better than you, who see more clearly than you”
— Dwight Eisenhower —
I came across this great quote by Theo Paphitis on Linkedin yesterday morning, and it really caught my attention.
“In business, it is important to do something that you are passionate about. For me, that is retail, I am very lucky to wake up every day and do something I love!” – Theo Paphitis
Who Is Theo Paphitis?
Theo Paphitis is a Cypriot-born British retail magnate and entrepreneur who is best known to the general public for his appearances on the BBC business program Dragons’ Den.
I got to know about him 6 or 7 years ago from watching Dragon’s Den and instantly took notice of his very strong business acumen, the way he spoke with great poise, the way he carried himself in a natural self-confident manner and his style of dressing.
And, I just made the assumption that he must have a great deal of experience and knowledge of style or maybe he was in the fashion industry [an industry I was already operating in as a fashion retailer at that time].
I wanted to know more about this wealthy gentleman with style, so I googled him. And, I wasn’t surprised when I found out that he was a retail guru who had discovered his passion for retailing and sales at the age of 18 while he worked as a sales assistant for the British retailer of Swiss watches, Watches of Switzerland.
From that moment onwards, I regarded him as my mentor.
After seeing his Linkedin post yesterday morning, I decided to share a few business lessons I’ve learned from this astute businessman over the years. These entrepreneurship quotes amongst many others keep inspiring me to continue building my own businesses around my passion which is “Fashion, Image, and Style“.
My Top 5 Business Lessons From Theo Paphitis
“There are three reasons to be in business. To make money, to have fun – and to make money.” – Theo Paphitis
1. FIND YOUR PASSION [something you are good at]
- Find out what you are good at. Why would you go and do something you are average at? You are going to deliver average output.
- You are in this world for an incredibly short period of time, so don’t waste it waiting to die. Find something you are good at because that’s going to give you an advantage over the others.
2. NEVER DO SOMETHING YOU HATE, EVEN FOR MONEY
- Don’t go and do a job or something you hate or you do not enjoy for the money. That’s miserable, that’s not success, no matter where you reach in that ladder.
- Success is finding the things that you are passionate about and enjoying what you do. Those are the things that are going to make you exceptional.
3. TURN YOUR DREAMS INTO REALITY
- There’s not much difference between a fantasist and a visionary. We all have dreams and without dreams in business, I don’t believe you can be successful.
- The trick is to turn those dreams into reality. If you don’t attempt it, will never work.
- You have to have passion for that dream. It’s got to be something you’re going to enjoy, or it’s highly unlikely that you’ll achieve your goal.
- You have to really believe in it and be determined to make it work.
4. KNOW THAT CASH IS KING. Don’t be without cash.
- You can live without profit for a certain period of time but not without cash. It’s very basic and simple advice.
- No cash means you can’t pay rent or your wages, and then it’s all over.
- A lack of profit is like cancer. If it carries on for a long time, it will eventually kill you.
- But a lack of cash is like a heart attack. If you can’t pay the rent, you shut down just like you would if your heart packed up.
5. CAPITALISE ON OTHER PEOPLE’s IDEAS
- Modify, Work On and Adapt other people’s idea and make them work for you. Consider if you can turn the idea into money making scheme.
- Sometimes good ideas are not necessarily profitable. An idea could be good but could not be translated into a money-making venture.
- Be wary of ideas that are not profitable. Do not end up taking a project, devoting time and resources to it, and ending up with no financial reward.
Also Read: 7 Sure Steps to Personal Success
There you have it, the business lessons from Theo Paphitis.
In summary, Theo Paphitis found his passion, developed that passion, and succeeded at that passion. I hope this encourages you to find your passion and only do what you are passionate about, whether it’s your job or your business.
As he said – “There are three reasons to be in business. To make money, to have fun – and to make money.”
Without the “fun” part, you will never have fulfillment in what you are doing.
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Until next time gentlemen – Continue to do well, live well and dress really well. Be Inspired!
Yours in Style,
Kobi O. Mbagwu (Mr. Kobi)
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